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VTM financials: balance sheet, profit and loss, cash flow

NSE: VTMLTDBSE: 532893Textiles & ApparelsSmall Cap

VTM Limited · Face value ₹1 · Listed Sep 2007 on BSE, Dec 2011 on NSE
Last close ₹41.01down ₹2.11 (4.89%)BSE ₹43.43

Share price at the NSE close on 27 Oct 2026. Previous close ₹43.12.

27 Oct: open ₹41.19, high ₹43.12, low ₹40.97

52-week range of BSE trades to 27 Oct 2026
₹30.75Low, 8 Oct 2026₹103.33High, 9 Feb 2026
Market cap
₹412 Cr1,664th largest listed
P/E
48.37
P/E without one-offs
35.71
P/B
1.31
Dividend yield
Nonein the last 12 months
ROE
2.7%
ROE without one-offs
3.7%
ROCE
3.5%
Debt to equity
0.24
Volume, NSE
37,642

VTM's financial statements for the 10 years to Mar 2026, standalone: the listed company alone, without its subsidiaries, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.VTM annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
14810Mar 171657.8Mar 18160105.0Mar 191611210Mar 201439.85.9Mar 21194156.3Mar 222099.13.8Mar 23208183.6Mar 243454541Mar 253721175Mar 26
Peak revenue ₹372 Cr, year to Mar 2026; lowest ₹143 Cr, year to Mar 2021

Operating and net margin, per cent

  • Operating margin
  • Net margin
19.4%3.0%8.8%9.5%10.2%11.5%11.9%8.2%12.5%19.4%7.5%6.8%4.7%6.4%7.5%6.9%7.7%4.4%8.8%13.2%3.0%Mar 17Mar 19Mar 21Mar 23Mar 25Mar 26

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

  1. Revenue372
  2. Materials and goods−234
  3. Employee costs−27
  4. Other expenses−84
  5. Operating profit28
  6. Depreciation−11
  7. Other income+3.4
  8. One-off items−3.0
  9. Finance costs−1.8
  10. Profit before tax15
  11. Tax−3.8
  12. Net profit11

What the company owns

  • Plant, investments and other assets₹220 Cr
  • Inventory₹152 Cr
  • Receivables₹51 Cr
  • Current investments₹21 Cr
  • Cash and bank₹4 Cr

What pays for it: net worth and liabilities

  • Net worth₹315 Cr
  • Borrowings₹75 Cr
  • Owed to suppliers₹37 Cr
  • Other liabilities₹22 Cr

Profit and loss

Standalone, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.VTM quarterly results

₹ croreMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 22 MayJun 2026Twelve monthsFiled 12 Aug
Revenue from operations148165160161143194209208345372398
–150145144126171192182278344373
Materials and goods bought11111510910997133153127189234259
Employee costs–12111210121315212729
Other expenses–23252419262640688485
Operating profit before depreciation–14151616231726672825
Operating margin–8.8%9.5%10.2%11.5%11.9%8.2%12.5%19.4%7.5%6.3%
Materials, % of revenue–70.1%67.9%67.8%68.3%68.6%73.4%61.1%54.8%62.9%65.1%
Employee costs, % of revenue–7.0%7.1%7.4%6.9%6.2%6.1%7.3%6.1%7.2%7.4%
Other expenses, % of revenue–14.1%15.5%14.6%13.4%13.2%12.2%19.1%19.7%22.5%21.2%
Depreciation and amortisation77788910991112
Operating profit after depreciation–889914717571613
Other income165795567533
Finance costs–1111111222
Profit before one-off items and tax1912141612181223611814
One-off items−7–0000000−3−3
Profit before tax1212141612181223611511
244433351543
Net profit1081012101591845119
Other comprehensive income––236353254
Total comprehensive income––131516181422471613
Net margin6.8%4.7%6.4%7.5%6.9%7.7%4.4%8.8%13.2%3.0%2.1%
Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 22 May
198203219234245263306315
Share capital444444410
Reserves193199215230241259302305
51066444175
8171114102363108
1417181614131425
Total assets220237249264269298383448
112122134133138145164195
108115115132131153219253
Net debt−45−50−55−54−69−451650
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ croreMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 22 May
12.37.121.5−12.4−37.610.6
12.312.225.8−3.4−24.511.7
–−11.76.8−32.9−93.8−17.7
Receivables–0.92.4−11.2−48.822.7
Inventories–−18.010.5−26.8−37.1−56.4
Payables–7.4−3.610.9−2.322.5
Other working capital–−2.0−2.6−5.9−5.5−6.5
Tax paid–−5.1−3.2−6.1−11.50.0
Capital spending–4.57.912.521.826.1
Free cash flow12.32.613.6−25.0−59.3−15.5
–−1.1−12.915.88.0−32.4
–−7.0−6.9−5.031.322.2
Dividends paid–2.43.63.84.07.5
Shares bought back–0.00.00.00.00.0
Shares issued–0.00.00.00.00.0
Net change in cash12.3−1.01.7−1.61.80.4
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Standalone, ₹ per share, years to March.VTM dividend history

₹ per shareMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 22 May
₹1.00₹0.78–₹1.20₹0.97–₹0.91₹1.82₹4.51₹1.11
As stated that year₹2.49₹1.94–₹3.01₹2.43–₹2.27₹4.55₹11.28₹1.11
₹1.00₹0.78–₹1.20₹0.97–₹0.91₹1.82₹4.51₹1.11
₹0.30₹0.30₹0.36₹0.36₹0.24₹0.36₹0.28–₹0.85–
––₹19.64₹20.22₹21.79₹23.30₹24.38₹26.15₹30.47₹31.32
Dividend payout30.1%38.7%35.4%30.0%24.7%24.3%30.8%–18.8%–
Shareholder yield–––––1.4%2.0%1.3%0.5%1.1%
Market cap at the year end (₹ crore)1251091077693172183288842703
Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2025: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure. As stated that year and earnings per share are left blank for the year to Mar 2019: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period. As stated that year and earnings per share are left blank for the year to Mar 2022: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Standalone, years to March.VTM PE ratio and valuation

RatioMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Filed 22 May
Revenue growth11.5%−2.9%0.5%−11.2%35.8%7.7%−0.4%65.7%8.0%
Operating profit growth–4.6%8.5%−0.4%41.7%−25.8%51.4%157.4%−58.6%
Net profit growth−22.3%31.2%18.3%−19.0%52.1%−38.6%100.2%148.1%−75.3%
Earnings per share growth−22.1%––−19.3%––100.4%147.9%−75.4%
–5.2%6.0%4.6%6.6%3.8%7.2%15.9%3.6%
––0.9 pts−1.4 pts1.9 pts−2.8 pts3.4 pts8.7 pts−12.3 pts
From the net margin––0.9 pts−0.5 pts0.6 pts−2.8 pts3.8 pts3.6 pts−12.3 pts
From asset turnover––−0.2 pts−0.9 pts1.5 pts0.1 pts−0.5 pts4.1 pts−0.4 pts
From borrowing––0.2 pts0.0 pts−0.1 pts−0.1 pts0.0 pts1.0 pts0.4 pts
Return on capital employed–4.1%4.1%3.9%5.8%3.0%6.4%16.5%4.2%
Cash conversion–––126.2%47.7%235.5%−68.0%−82.8%94.9%
Interest cover9.87.38.010.213.38.918.232.09.1
Debt to equity–0.030.050.030.030.020.010.130.24
Receivable days–5538443124447850
Inventory days–941029111676168185237
Payable days–72962513472757
Cash conversion cycle, days–14211012812287165236230
Working capital days–1139511011187148182181
Asset turnover–0.730.700.590.750.780.731.010.90
Assets per rupee of net worth–1.111.141.151.131.111.121.201.34
Sales per rupee of plant–1.821.671.461.992.232.153.183.03
Capital spending to depreciation––––0.490.811.412.312.30
Plant being built, % of plant in use–0.3%0.1%3.0%0.0%0.1%0.6%1.9%0.4%
No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year
2.7%
Cash from operations against operating profit
38.3%
Measure10 years5 years3 years
Revenue growth, yearly rate–21.1%21.2%
Profit growth, yearly rate–2.7%7.0%
Return on equity, average–7.4%8.9%
Return on capital employed, average–7.2%9.1%
Operating margin, average11.1%11.9%13.1%
Net margin, average6.9%7.4%8.3%
Asset turnover, average–0.840.88
Cash conversion cycle, days, average–168210
Interest cover, average13.016.319.7
Debt to equity, average–0.090.13

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations−10.7−39.410.6
Cash from investing−22.5−8.6−32.4
Cash from financing34.648.522.2
Capital spending72.860.426.1
Dividends paid21.415.47.5
Shares bought back0.00.00.0
Shares issued for cash0.00.00.0
Borrowings raised–71.831.5
Borrowings repaid6.93.40.0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9––––667562
Altman Z-scorePublished threshold 1.81––5.643.944.326.147.277.599.665.47
Beneish M-scorePublished threshold −1.78––––−2.59−2.54−2.34−1.80−0.88−2.50
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–––––3.450.185.2622.017.93
Cash from operations to profit, 3 yearsPublished threshold 0.7 times––––––1.210.38−0.39−0.53
Receivables growth less revenue growthOur threshold 0 percentage points–––−31.5114.80−41.29−22.3680.29130.07−38.66
Inventory growth less cost-of-goods growthOur threshold 0 percentage points–––7.93−9.7538.07−40.27101.5214.8135.15
Other current assets growth less revenue growthOur threshold 5 per cent of revenue–––0.411.33−0.540.021.13−1.171.20
Assets under construction, years of additionsOur threshold 2 years of additions–––0.010.310.000.020.050.100.02
Effective tax ratePublished threshold 17.16 per cent16.2035.4027.0626.0820.7417.5525.8422.0325.0225.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points–––––−10.45−0.31−3.836.1025.16
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
2 Jul 2026CRISIL Ratings LimitedBank FacilitiesShort-term scaleCrisil A2+Rating Reaffirmed2
2 Jul 2026CRISIL Ratings LimitedBank FacilitiesShort-term scaleCrisil A2+Rating Reaffirmed3
2 Jul 2026CRISIL Ratings LimitedBank FacilitiesShort-term scaleCrisil A2+Rating Reaffirmed95
2 Jul 2026CRISIL Ratings LimitedBank FacilitiesShort-term scaleCrisil A2+Rating Reaffirmed9.60
2 Jul 2026CRISIL Ratings LimitedBank FacilitiesLong-term scaleCrisil A-Rating Reaffirmed and outlook revised to Stable from NegativeStable10.60
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.